Legal Question in Family Law in Massachusetts
My brother was just served with divorce papers. They are asking for a financial statement. My mother has a joint CD with him. Is this considered an asset? Can they attach this? He will call a pro bono lawyer tomorrow
3 Answers from Attorneys
Hello,
All assets your brother has an interest in has to be disclosed on his financial statement, whether it is a joint asset with a third party or in his name alone. Depending on the circumstances and facts in his case it may or may not be considered when it comes to dividing the marital estate.
I strongly recommend he retain an attorney to represent him in his divorce so that he can be sure that all the appropriate steps are taken in his divorce case.
Thank you,
Ms. Urukalo's comments are correct. If the CD was your mother's and it can be proved the only reason for the creation of the joint CD was as a form of inheritance planning, you may be able to segregate the CD from his assets.
You need to contact an attorney so as to protect your mother's assets if nothing else.
I agree with Ms. Urukalo.
First, any and all property in which your brother has any interest needs to be disclosed on his financial statement. Any and all property may be considered in a division of the marital estate, but the way each asset, debt, and piece of property is divided depends on the specific facts of the marital relationship.
Secondly, your brother should retain an attorney. Our firm charges reasonable fees, sometimes a flat fee, and can work with you by taking credit card payment or creating payment plans. Depending upon the amount of assets and property at stake, the parties may want to reach agreement and seek an uncontested divorce.
Best of luck and do not hesitate to contact our office at 617-357-4898.